mutual accounts

mutual accounts
Accounts comprising mutual credits between the parties; or an existing credit on one side which constitutes a ground for credit on the other, or where there is an understanding that mutual debts shall be a satisfaction or set-off pro tanto between the parties. A "mutual account" arises when there are items debited and credited on both sides of the account which indicate mutual transactions between the parties. State for Use and Benefit of State Hospital v. Hintz, N.D., 281 N.W.2d 564, 567.

Black's law dictionary. . 1990.

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